What is Solana?
Solana, the rising crypto name that everyone is interested is inspired by California’s coastal beach. Everyone looks for Solana Crypto Price Prediction. Solana gains its trust by having the label of fastest, highest security of them all, and most scalable crypto in the market. So, is it really have a positive favorable edge over Ethereum or Cosmos which is a higher performance blockchain? So today we going to dig deeper to find out what is Solana and what is the uses and predictions of Solana or SOL.
Solana team is not a random people who just want to make one more coin, it’s a team of geniuses who really know what they are doing for a long time. Some of them are technologists from Google, Intel, Qualcomm, and Netscape. Solana CEO is a former software engineer from Dropbox (Microsoft) and Qualcomm, and his name is Anatoly Yakovenko. As per Yakovenko’s own words “It’s not a surprise that we were able to make this extremely fast blockchain with having a team like this”. Solana is not alone, the coin has been able to win the trust on the funding solutions like Multicoin Capital, Foundation Capital, Slow Ventures, Passport Capital, Rockway Ventures and also released to a massive global scale, able to raise over 20 million USD.
Solana Coin Scalability
What is the moore’s law for computers
What is the “Moore’s Law”? It says the computing power of a computer double its processing power every two years, as a result of having more and more transistors in a microchip every year. Solana also works as Moore’s law which states as it will double its processing power every two years and it’s a layer one blockchain. Simply using only GPU and CPU without any other layer 2 solutions like sharding, which eventually makes an impact on stability and security.
Solana transaction speed
Solana is a supper fast blockchain, to make a block it takes only 400 milliseconds, also can make 50 000 transactions per second. In terms of block count, with this speed, SOL has passed the second biggest crypto in the world, Ethereum.
SOL has over 350 validators in their global network to make Solana secure and stable. If you want to become a Solana validator, it’s very possible. To do so there will be no minimum stake required.
Solana is one of the lowest-cost blockchains out there. To make one million transactions it will cost only 10 US dollars. If you are unaware Ethereum transactions will take around 2 dollars.
What is the difference between Solana from other coins?
1. Proof of history
3. Tower BFT
All the eight points and in-depth details are available in the Solana blog and also you can read Solana’s white paper for further details.
What is the fastest blockchain/ transaction cryptocurrency?
Let’s talk about Proof of history, before Solana crypto price prediction, which makes Solana the fastest blockchain ever. Proof of history is the main reason for Solana to be the fastest blockchain ever. Solana can manage over fifty thousand transactions per second. The proof of History in Solana is not a mechanism like Proof of Stake or Proof of work. It’s something like a cryptographical clock in SOL that approves the blockchain transaction orders and times without getting approval from each other like other crypto-based blockchains. Every single Solana node having and maintains an individual clock with the record of time in an SHA encryption (SHA-256, the sequential-hashing function of Verifiable Delay. In their own words, it says, “Almost like a cryptographic timestamp”. This looks like extra complicated words; it simply says the process will reduce node overhead of messaging and all other types of computation work lords which eventually leads Solana to achieve its lightning speed.
What is the Solana project list?
Due to Solana’s unique speed, it managed to get the attention of over a hundred projects in Web3, DeFi, and Blockchain gaming.
Top 13 Solana projects
- Hedgehog Markets
- The media Network
- Crypto-derivative platform (FTX)
• Chainlink SOL is the official cryptocurrency token on the Solana blockchain network. And SOL using for all the transactions massive and also micropayments. Currently, SOL has over 300 million sol tokens in circulation to date, and it has a maximum of 489 Million SOL.